Portugal tipped to prefund but questioned on pricing and format

The prospect of Portugal prefunding amid a rally in eurozone sovereign debt — and its best way of going about it — caused disagreements this week, as the clear water between it and its peripheral peers widened. While the sovereign’s short term borrowing costs grew to 2012 levels, Spain enjoyed tumbling yields and Italy unveiled plans to limit the size of its next bond issue.

  • By Craig McGlashan
  • 18 Oct 2013
Portugal is fully funded for 2013 and has already started 2014 prefunding. But with a €10.5bn programme for next year — unveiled on Tuesday — it will be concerned that its three month borrowing costs hit their highest level since November 2012 at auction on Wednesday, rising by ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,032.07 25 9.77%
2 Barclays 15,041.98 19 9.17%
3 Citi 13,795.56 24 8.41%
4 HSBC 11,845.99 17 7.22%
5 BNP Paribas 10,802.75 16 6.58%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 39,984.80 109 11.91%
2 JPMorgan 29,288.84 79 8.72%
3 HSBC 28,343.59 71 8.44%
4 Bank of America Merrill Lynch 27,301.17 79 8.13%
5 Goldman Sachs 24,436.35 54 7.28%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,503.26 95 8.03%
2 HSBC 31,898.18 113 7.22%
3 Barclays 31,737.51 60 7.18%
4 UniCredit 30,989.16 83 7.01%
5 BNP Paribas 27,189.65 67 6.15%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 77,286.41 442 6.87%
2 Citi 76,173.45 276 6.77%
3 HSBC 71,815.20 281 6.38%
4 Barclays 59,526.84 228 5.29%
5 Deutsche Bank 51,825.04 163 4.61%